Homegrown property firm Amara Holdings is believed to have purchased a freehold bungalow at 31 Newton Road for $18.8 million. This translates to $1,256 psf based on its land area of 14,966 sq ft, reported The Business Times.
The group also owns a neighbouring freehold bungalow at 29 Newton Road, which has a land area of 15,332 sq ft.
According to its 2014 annual report, the property at 29 Newton Road will be redeveloped into a residential project with a gross floor area (GFA) of 21,463 sq ft. This means the development would have a plot ratio of 1.4, which is common for low-rise projects.
Amara could combine the two sites to form a larger development with a total land area of 30,298 sq ft.
Suppose it has a plot ratio of 1.4, then the GFA would be 42,417 sq ft, which is large enough to yield about 55 units with an average size of around 753 sq ft.
When contacted, Amara declined to comment.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email email@example.com